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Sipp Question
Paul_H_4
Posts: 16 Forumite
Apologies if this is a stupid question, but is it possible to open a joint SIPP account? For me and the wife?
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Comments
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No. Pensions (and ISAs) are all individual based.Trying to keep it simple...
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A similar question....
What happened to the idea of the 'Family SIPP' that was being touted around the time of 'A' Day ??
I guess Gordon Clown shut that little loophole along with residential property
'In nature, there are neither rewards nor punishments - there are Consequences.'0 -
You can still transfer a SIPP to a beneficiary on death if you have already crystallised, subject to a tax charge (or they can keep it running)
IIRC, the original family SIPP concept left too many loopholes to avoid inheritance tax.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
The family SIPP idea still exists, but the tax charge only leaves 18% of the fund to put into the children's SIPP.(This is not to be confused with what dunstonh mentions above,he refers to the first death,when the beneficiary can take the whole fund in cash minus a 35% tax charge.The family SIPP idea relates to the second death.)Trying to keep it simple...0
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